News ID: 217271
Published: 0255 GMT June 25, 2018

Annual oil exports revenue hit $50b by March 2018

Annual oil exports revenue hit $50b by March 2018

Iran exported crude oil valued at $50 billion in the year to mid-March 2018, said a deputy oil minister.

In this period, Iran's total foreign currency revenue stood at $95 billion of which $20 billion pertained to the exports of oil byproducts and petrochemicals, said Habibollah Bitaraf, the deputy oil minister for engineering, research and technological affairs on Monday.

Addressing the First Conference and Exhibition on [tangible] Asset Integrity Management in Oil and Gas 'Offshore and Onshore', he put the share of oil and oil industry's byproducts in the country's export basket at 70 percent.

Bitaraf added Iran's important role in the world and within OPEC and the country's abundant oil and gas resources indicate the importance of managing the industry's tangible assets.

He added asset integrity management in oil and gas industry helps reduce costs, boost productivity, increase safety, optimize energy consumption and improve interaction with the environment.

 

 

700,000-barrel rise

Speaking at the same conference, Pirouz Mousavi, the managing director of Iranian Oil Terminals Company (IOTC), said the ground is being prepared to develop the infrastructure at Kharg oil terminal, in the Persian Gulf, to increase, in two years, its capacity for receiving, storing and exporting oil 700,000 barrels per day.

Kharg terminal ranks first in Iran in exporting the highest volume of oil. At present, Iran exports 2.6 million barrels of oil and gas condensates per day, of which the major part is shipped via Kharg terminal.

In the year to March 20, 2018, some 800 million barrels of oil were loaded and exported via the terminal.

Mousavi added some 90 percent of the oil is sent to target markets via the terminal.

Being held in Tehran, the international conference opened on Monday and comes to an end today.

It has been organized by the Iranian Offshore Engineering and Construction Company in cooperation with Pars Oil and Gas Company, Iranian Offshore Oil Company, Iranian Oil Terminals Company and Khazar Exploration and Production Company.

   
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